The market capitalization of companies holding bitcoin in their treasuries has shrunk by more than $100 billion since October 2025. According to my data analysis, their combined value has collapsed from $396 billion to $272 billion. The paradox is that over the same period, the number of coins in their possession has increased.
The volume of bitcoin held by such companies has grown from 953,000 to 1.14 million BTC. That is, there are more coins, but their total valuation in dollars has sharply declined — a direct consequence of the market downturn.
How accumulation has slowed
A key observation is the sharp slowdown in the pace of purchases. Since May, when bitcoin reached, in my estimation, a significant undervaluation, the accumulation process has virtually halted. The bulk of the coins were bought by these companies between November 2024 and October 2025.
That was precisely when the price fluctuated in the range of $75,000 to $125,000. During this period, the number of BTC they held tripled. This paints a troubling picture: companies built up positions near the highs, and now, at lower prices, purchases have nearly stopped.
What this means for the market
The main question is the future behavior of these holders. Since companies largely "bought the top," there remains a risk that they will start "selling the bottom."
As an example, I cite Strategy. According to my data, this company has already started selling bitcoins, heightening concerns about the entire segment. This combination of factors makes the market more vulnerable. The slowdown in purchases by large corporate holders removes part of the usual demand.
If other treasuries follow Strategy's lead and start selling, the pressure on the price could intensify. For now, they hold a record volume of coins, but new purchases have nearly stopped.
My expert conclusion: Corporate treasuries have fallen into a "buy high, hold low" trap. The absence of new purchases at current levels is a bearish signal that could trigger a wave of loss-taking if the market continues to decline.